Dominican economy to get big boost from Free Trade

http://www.dominicantoday.com 14/07/06

LONDON.- The governor of the Dominican Central Bank affirmed yesterday that his country’s growth rate would be bolstered when the DR-CAFTA takes effect, if the country takes advantage of the opportunity of having preferential access to a market such as North America, with some 300 million consumers.

Héctor Valdez Albizu said that Dominican Republic expects an increase in foreign investment, because the agreement establishes a nondiscriminatory treatment which contributes to the transparency and legal security currently demanded by investors.

The official said that the agreement will also spur greater competitiveness levels in domestic markets and positive external positioning for local products, as the result of the transparency requirements. He said the country also benefits from the adoption of international standards in the production and marketing of goods and services, as well as from the harmonization of regulations.

Valdez Albizu expressed that despite that the economy’s challenges require a concerted effort; it’s no less certain that it’s now when the country is in fact in the best position to solve them.

He added that the country’s growth levels posted since October, 2004, caused a drop in the extended unemployment rate which made it possible to reinsert 224,818 people in the labor market.